Fixed Asset Coding

Departments are required to code fixed asset acquisitions on requisitions. Where needed, coding changes may be made by Financial Services. Requisitions may not be split funded between fixed assets and non-fixed assets. Requisitions requiring split funding will be denied and will have to be re-entered by the department. 

Criteria

All individual equipment, whether obtained by purchase, donation, or other means, with a cost of $5,000 or more and an estimated useful life of more than one year, with the exception of firearms and licensed vehicles which must be inventoried regardless of the acquisition cost, must be tagged by Property Control and recorded in the fixed asset system.

All equipment purchased and recorded by the University must conform to, or be consistent with the following criteria:

• Original Acquisition Cost: The original acquisition cost is to include the purchase price, cost of all components of the equipment, shipping, handling and/or delivery charges, warranty costs, and installation fees, as may be applicable.
• Software: Software is not assigned an inventory control number. If it is an integral part of a computer or computer-based system, the cost is included in the acquisition cost.
• Computers: The purchase price for the computer and all associated components, such as the monitor, keyboard, integral software, speakers, etc.  is used to determine the original acquisition cost of the computer or system.
• General Plant Equipment: Equipment that is hard-wired or plumbed into a facility is not assigned an inventory control number. Such equipment is coded to general plant.

Fixed Asset Account Codes

• 75000 – Capital equipment – computers (>=$5K)
• 75001 – Capital equipment – all other equipment (>=$5K)
• 75002 – Capital equipment –vehicles (>=$5K)

All components of a single piece of equipment must be coded as fixed assets, and therefore will be included in the acquisition cost of the main piece.